West End's property recovery in the spotlight

Trends in the West End of London will be in focus when the property group Shaftesbury issues half-yearly results on Wednesday.

Last week saw a string of upbeat updates from peers such as British Land, Land Securities and Great Portland Estates, with investors cheering improvements in net asset values and signs of recovery. But unlike those three, Shaftesbury doesn't deal in City offices or giant malls. The FTSE 250-listed group's stock-in-trade is shops, restaurants, cafés and the like, peppered around prime West End locations such as Carnaby Street, Chinatown and Covent Garden.

Given this mix, the market is likely to be curious about the level of tourist demand in the area, and its impact on Shaftesbury's tenants. Potential talking points include the impact of the recent volcanic ash cloud, which led to a closure of airports across the country, and the impact of movements in the foreign exchange markets.

Back in February, Shaftesbury said the West End had seen excellent trading over the Christmas and new year period, something which had fed through to tenant demand. Investors will no doubt be curious to learn how the trends have held up in subsequent months.

In terms of key metrics, analysts at Execution Noble said that when it comes to net asset values, or NAV, Shaftesbury may well end up delivering a positive surprise for investors. "Having beaten our September 2009 NAV estimate by 13 per cent ... we are braced for another positive surprise on NAV growth," the broker said, adding: "The company's unique portfolio has seen rents hold stable through the down cycle and future rental growth prospects reflect the structural imbalance of supply and demand for West End retail, restaurant and leisure space rather than relying on cyclical demand as in the office sector."



Today: Investors are unlikely to witness any surprises when the power protection firm Chloride issues full-year figures this morning. The company issued a trading update in April, and as Numis points out, the order trends highlighted through Chloride's third quarter have persisted through to the year end, with reported sales estimated to be around 3 per cent up on the year. "We expect further growth in the order book, which provides nearly six months visibility," the broker said, forecasting £40m in full-year pre-tax profits with 10.5p in earnings per share.

Results/updates: Cranswick, Treatt, Invensys and Chloride.



Tomorrow: Results/updates: BSS, Homeserve, De La Rue, KCOM, Pennon, Telecom Plus, Victrex and Marks & Spencer.



Wednesday: The luxury goods group Burberry is due to issue full-year figures mid-week, and the City is looking for £205m in adjusted pre-tax profits, compared to £174.6m last year. The planned restructuring in Spain is likely to be among the key talking points, according to Citigroup, whose analysts also recommend that investors watch out for management's guidance for the year ahead, along with details on cash generation in the second half of 2010 and any news on a possible share buyback exercise. Results/updates: Aveva, Hogg Robinson, Brewin Dolphin, Chrysalis, Innovation, Sportingbet, Burberry and Shaftesbury.



Thursday: The defence group Qinetiq will post its full-year results, and the occasion will mark chief executive Leo Quinn's first outing in front of the market. Numis expects investors to focus on his presentation, though it warns that detailed restructuring or margin targets are unlikely to be forthcoming this week. Elsewhere, the broker expects the company to outline its guidance for the year ahead. There is also the question of a potential rights issue, which may be among the areas that the market focuses on this week. "We are forecasting [a ratio of net debt to earnings before interest, tax, depreciation and amortisation] of 2.9 times at [the March 2010 year end] versus covenants of 3.5 times. This has raised market concerns over a potential rights issue," Numis said, noting that while the possibility of a cash call was a concern, it didn't consider it a likely outcome.

Results/updates: JJB Sports, Paypoint, Tate & Lyle, Antofagasta, Daily Mail & General Trust and Man Group.



Friday: Analysts expect further evidence of a recovery when the electronic parts supplier Electrocomponents issues its full-year figures at the end of this week. "Growth rates at Electrocomponents have continued to rebound significantly, with January sales growth of 10 per cent, accelerating to 15 for the fourth quarter [which ended in March]," Deutsche Bank said in a preview published last week, noting that the company has also indicated that its customers are "increasingly more confident".

Results/updates: Electrocomponents and Severn Trent.

Start your day with The Independent, sign up for daily news emails
Sport
Australia vs New Zealand live
cricket Follow over-by-over coverage as rivals New Zealand and Australia face off
News
Zayn has become the first member to leave One Direction. 'I have to do what feels right in my heart,' he said
peopleWe wince at anguish of fans, but his 1D departure shows the perils of fame in the social media age
Life and Style
Researchers found that just 10 one-minute swill-and-spit sessions are enough to soften tooth enamel and make teeth vulnerable to erosion
health
News
i100
Arts and Entertainment
The Regent Street Cinema’s projection room in the 1920s
film
News
Leah Devine is only the ninth female to have made the Young Magician of the Year final since the contest began more than 50 years
peopleMeet the 16-year-old who has set her heart on being the first female to win Young Magician of the Year
News
Jonathan Anderson was born in Northern Ireland but now based between London, where he presents a line named JW Anderson
peopleBritish designer Jonathan Anderson is putting his stamp on venerable house Loewe
News
Andy Davidhazy at the beginning (left) and end (right) of his hike
video
News
Taylor Swift is applying to trademark song lyrics from 1989
people
Voices
The popularity of TV shows such as The Liver Birds encouraged Liverpudlians to exaggerate their Scouse accent
voicesWe exaggerate regional traits and turn them into jokes - and those on the receiving end are in on it too, says DJ Taylor
ebooks
ebooksA special investigation by Andy McSmith
  • Get to the point
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Retirement Coordinator - Financial Services

Negotiable: Recruitment Genius: To provide a prompt, friendly and efficient se...

Recruitment Genius: Annuities / Pensions Administrator

Negotiable: Recruitment Genius: You will be the first point of contact for all...

Ashdown Group: HR, Payroll & Benefits Officer - Altrincham - up to £24,000.

£18000 - £24000 per annum + benefits: Ashdown Group: HR, Payroll & Benefits Of...

Ashdown Group: Learning and Development Programme Manager

£35000 - £38000 per annum + benefits : Ashdown Group: A highly successful, int...

Day In a Page

Election 2015: How many of the Government's coalition agreement promises have been kept?

Promises, promises

But how many coalition agreement pledges have been kept?
The Gaza fisherman who built his own reef - and was shot dead there by an Israeli gunboat

The death of a Gaza fisherman

He built his own reef, and was fatally shot there by an Israeli gunboat
Saudi Arabia's airstrikes in Yemen are fuelling the Gulf's fire

Saudi airstrikes are fuelling the Gulf's fire

Arab intervention in Yemen risks entrenching Sunni-Shia divide and handing a victory to Isis, says Patrick Cockburn
Zayn Malik's departure from One Direction shows the perils of fame in the age of social media

The only direction Zayn could go

We wince at the anguish of One Direction's fans, but Malik's departure shows the perils of fame in the age of social media
Young Magician of the Year 2015: Meet the schoolgirl from Newcastle who has her heart set on being the competition's first female winner

Spells like teen spirit

A 16-year-old from Newcastle has set her heart on being the first female to win Young Magician of the Year. Jonathan Owen meets her
Jonathan Anderson: If fashion is a cycle, this young man knows just how to ride it

If fashion is a cycle, this young man knows just how to ride it

British designer Jonathan Anderson is putting his stamp on venerable house Loewe
Number plates scheme could provide a licence to offend in the land of the free

Licence to offend in the land of the free

Cash-strapped states have hit on a way of making money out of drivers that may be in collision with the First Amendment, says Rupert Cornwell
From farm to fork: Meet the Cornish fishermen, vegetable-growers and butchers causing a stir in London's top restaurants

From farm to fork in Cornwall

One man is bringing together Cornwall's most accomplished growers, fishermen and butchers with London's best chefs to put the finest, freshest produce on the plates of some of the country’s best restaurants
Robert Parker interview: The world's top wine critic on tasting 10,000 bottles a year, absurd drinking notes and New World wannabes

Robert Parker interview

The world's top wine critic on tasting 10,000 bottles a year, absurd drinking notes and New World wannabes
Don't believe the stereotype - or should you?

Don't believe the stereotype - or should you?

We exaggerate regional traits and turn them into jokes - and those on the receiving end are in on it too, says DJ Taylor
How to make your own Easter egg: Willie Harcourt-Cooze shares his chocolate recipes

How to make your own Easter egg

Willie Harcourt-Cooze talks about his love affair with 'cacao' - and creates an Easter egg especially for The Independent on Sunday
Bill Granger recipes: Our chef declares barbecue season open with his twist on a tradtional Easter Sunday lamb lunch

Bill Granger's twist on Easter Sunday lunch

Next weekend, our chef plans to return to his Aussie roots by firing up the barbecue
Joe Marler: 'It's the way I think the game should be played'

Joe Marler: 'It's the way I think the game should be played'

The England prop relives the highs and lows of last Saturday's remarkable afternoon of Six Nations rugby
Cricket World Cup 2015: Has the success of the tournament spelt the end for Test matches?

Cricket World Cup 2015

Has the success of the tournament spelt the end for Test matches?
The Last Word: Justin Gatlin knows the price of everything, the value of nothing

Michael Calvin's Last Word

Justin Gatlin knows the price of everything, the value of nothing